The Board of Directors of Triple Point Social Housing REIT has announced the appointment of Atrato Partners as the company’s new investment manager, replacing Triple Point.
The board began a review of its investment management arrangements earlier this year and has now decided to separate from Triple Point.
Atrato, which also runs Supermarket Income REIT and Atrato Onsite Energy, appointed a team of social housing experts two years ago ahead of the potential launch of the new social housing fund. However, many events have occurred since then that have put this into perspective.
The social housing team at Atrato consists of Tom Steele, Michael Curry, Harry Williams and Francisco Gallardo Pacheco. Steele and Carey joined Atrato in May 2022 and previously co-founded Social Income and Iken Group, both focused on investing in social housing. Pacheco joined in July 2022 as a graduate investment analyst.
Atrato’s appointment is subject to the approval of a new Investment Management Agreement (IMA). The key terms of the new IMA will be announced in due course, but the board said it was satisfied that the new IMA would deliver significant cost savings while maintaining the current high levels of service delivery.
The formal transition of investment management services from Triple Point Investment Management to Atrato is expected to take place in January 2025.
In the interim period, the board said Triple Point would work collaboratively with Atrato on an orderly transition of services. In particular, the transition period will focus on ensuring that the well-being of residents of the group’s properties is prioritised, maintaining operational performance and maintaining progress on the company’s ongoing initiatives.
Chris Phillips, Chairman of Triple Point Social Housing REIT, commented: “The Board would like to thank Triple Point for its support and the Company’s continued operational performance since the IPO. Triple Point’s commitment has been reflected in the constructive approach taken in the independent review of the investment management arrangements and the proposed transfer.” For services to Atrato.
